MIRA
INFORM REPORT
|
Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI-SOUTHEAST KNITTING
COMPANY LIMITED |
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Registered Office : |
5 Soi Petchkasem 47/2, Petchkasem Road, Bangkae, Bangkok 10160 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.05.2004 |
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Com. Reg. No.: |
0105547070598 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing Contract of Knitwear |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
THAI-SOUTHEAST KNITTING
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 5
SOI PETCHKASEM 47/2, PETCHKASEM ROAD,
BANGKAE, BANGKOK
10160, THAILAND
TELEPHONE : [66] 2454-0040
FAX :
[66] 2454-1265
E-MAIL
ADDRESS : bongkot@thaisoutheast.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547070598
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JIROCH ROJRATTANAVALEE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 180
LINES
OF BUSINESS : KNITWEAR
MANUFACTURING CONTRACT
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 25, 2004
as a private
limited company under the registered
name THAI-SOUTHEAST KNITTING
COMPANY LIMITED, by
Thai groups, with the
business objective to
provide manufacturing
service various kinds
of knitwear for OEM and general
customers of both
domestic and international markets. It
currently employs approximate 180 staff.
The
subject’s registered address
is 5 Soi
Petchkasem 47/2, Petchkasem
Rd., Bangkae, Bangkok
10160, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jiroch Rojrattanavalee |
|
Thai |
69 |
|
Ms. Bongkot Rojrattanavalee |
|
Thai |
32 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Jiroch Rojrattanavalee is
the Managing Director.
He is Thai
nationality with the
age of 69
years old.
Ms. Bongkot Rojrattanavalee is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 32 years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing service various
kinds of knitwear for
men, women and
children. Its products include
sweater, cardigan, knitted
shirt, heavy pullover,
knitted vest, knitted
overtop and etc.,
according to customer’s
brands
PRODUCTION CAPACITY
84,000 dozens per
annum
PURCHASE
Raw
materials, such as
acrylic yarn, cotton
yarn and accessories are
purchased from supplier
both domestic and overseas in
Japan, U.S.A., Republic
of China, Australia
and India.
SALES/ SERVICES
95% of the
products is exported
to U.S.A., Canada
and the countries
in Europe, the
remaining 5% is
sold locally.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases filed against
the subject found
at Legal Execution
Department for the
past five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
180 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The company provides manufacturing
and exporting of knitwear to men, women and children. Subject’s business performance
closely links with the conditions of domestic and exports
consumption, which is
likely to expand
steadily. Subject posted its
strong sales in 2010
and continued growing
into this year.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 5,000,000 divided into 500,000
shares of Bht. 10
each with fully
paid.
On
June 21, 2005,
the capital was
increased to Bht.
6,000,000 divided into
600,000 shares of
Bht. 10 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jiroch Rojrattanavalee Nationality: Thai Address : 194/7-9
Moo 5, Bangwha,
Pasicharoen, Bangkok |
239,998 |
40.00 |
|
Ms. Bongkot Rojrattanavalee Nationality: Thai Address : 5
Petchkasem 47/2 Rd.,
Bangkae, Bangkok |
90,000 |
15.00 |
|
Mr. Jirawuth Rojrattanavalee Nationality: Thai Address : 5
Petchkasem 47/2 Rd.,
Bangkae, Bangkok |
90,000 |
15.00 |
|
Ms. Kamolnate Rojrattanavalee Nationality: Thai Address : 5
Petchkasem 47/2 Rd.,
Bangkae, Bangkok |
90,000 |
15.00 |
|
Mr. Atiroch Rojrattanavalee Nationality: Thai Address : 5
Petchkasem 47/2 Rd.,
Bangkae, Bangkok |
90,000 |
15.00 |
|
Ms. Srisawad Nantapornpipat Nationality: Thai Address : 7
Petchkasem 47/2 Rd.,
Bangkae, Bangkok |
1 |
- |
|
Ms. Saowarat Saelee Nationality: Thai Address : 102
Moo 2, Nongkangplu, Nongkaem,
Bangkok |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Pateep Archawan No. 3063
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
20,000.00 |
20,000.00 |
|
Short-term Investment |
722,813.52 |
657,100.38 |
|
Trade Accounts &
Notes Receivable |
28,698,821.76 |
33,536,568.21 |
|
Short-term Loan from Person Related |
2,052,404.00 |
67,236.00 |
|
Inventories |
83,696,387.94 |
39,821,557.31 |
|
Refundable Value Added Tax |
6,447,060.67 |
3,463,501.00 |
|
Other Current Assets |
4,636,229.08 |
3,812,379.54 |
|
|
|
|
|
Total Current Assets
|
126,273,716.97 |
81,378,342.44 |
|
|
|
|
|
Fixed Assets |
49,714,953.82 |
26,948,639.55 |
|
Intangible Assets |
125,635.10 |
581.71 |
|
Other Assets |
10,000.00 |
10,000.00 |
|
Total Assets |
176,124,305.89 |
108,337,563.70 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
45,185,894.59 |
14,964,011.88 |
|
Trade Accounts & Notes
Payable |
74,569,924.53 |
51,335,456.55 |
|
Current Portion of Long-term Loans |
6,780,000.00 |
5,040,000.00 |
|
Short-term Loan from Person
Related |
2,270,890.00 |
9,942,656.30 |
|
Short-term Loan from Lease
Contract Payable |
1,953,919.00 |
- |
|
Other Current Liabilities |
4,391,492.27 |
4,677,501.28 |
|
|
|
|
|
Total Current Liabilities |
135,152,120.39 |
85,959,626.01 |
|
|
|
|
|
Long-term Loan from
Financial Institution |
18,000,000.00 |
1,980,000.00 |
|
Total Liabilities |
153,152,120.39 |
87,939,626.01 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 600,000 shares |
6,000,000.00 |
6,000,000.00 |
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning-
Unappropriated |
16,972,185.50 |
14,397,937.69 |
|
Total Shareholders' Equity |
22,972,185.50 |
20,397,937.69 |
|
Total Liabilities & Shareholders' Equity |
176,124,305.89 |
108,337,563.70 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
312,193,921.07 |
345,222,314.07 |
|
Other Income |
3,657,692.86 |
3,106,611.73 |
|
Total Revenues |
315,851,613.93 |
248,328,925.80 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods and Work in
Process |
[33,672,643.51] |
[9,454,233.66] |
|
Raw Material and Material Supplies |
163,366,205.73 |
153,834,605.91 |
|
Employees Expenses |
56,166,249.27 |
47,664,933.28 |
|
Depreciation and Amortization |
1,198,993.56 |
14,023,177.50 |
|
Other Expenses |
122,485,624.30 |
137,184,458.37 |
|
Total Expenses |
309,544,429.35 |
343,252,941.40 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
6,307,184.58 |
5,075,984.40 |
|
Interest Expenses |
[2,520,551.79] |
[1,045,255.82] |
|
Income Tax |
[1,212,384.98] |
[1,504,852.34] |
|
|
|
|
|
Net Profit / [Loss] |
2,574,247.81 |
2,525,876.24 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.93 |
0.95 |
|
QUICK RATIO |
TIMES |
0.23 |
0.40 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.28 |
12.81 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.77 |
3.19 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
187.00 |
94.48 |
|
INVENTORY TURNOVER |
TIMES |
1.95 |
3.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.55 |
35.46 |
|
RECEIVABLES TURNOVER |
TIMES |
10.88 |
10.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
166.61 |
121.80 |
|
CASH CONVERSION CYCLE |
DAYS |
53.94 |
8.14 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
52.33 |
44.56 |
|
SELLING & ADMINISTRATION |
% |
18.37 |
17.87 |
|
INTEREST |
% |
0.81 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
48.84 |
27.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.02 |
(27.50) |
|
NET PROFIT MARGIN |
% |
0.82 |
0.73 |
|
RETURN ON EQUITY |
% |
11.21 |
12.38 |
|
RETURN ON ASSET |
% |
1.46 |
2.33 |
|
EARNING PER SHARE |
BAHT |
4.29 |
4.21 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.87 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.67 |
4.31 |
|
TIME INTEREST EARNED |
TIMES |
2.50 |
(90.81) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(9.57) |
|
|
OPERATING PROFIT |
% |
(106.64) |
|
|
NET PROFIT |
% |
1.92 |
|
|
FIXED ASSETS |
% |
84.48 |
|
|
TOTAL ASSETS |
% |
62.57 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
48.84 |
Impressive |
Industrial
Average |
14.90 |
|
Net Profit Margin |
0.82 |
Impressive |
Industrial
Average |
(8.12) |
|
Return on Assets |
1.46 |
Impressive |
Industrial
Average |
(1.08) |
|
Return on Equity |
11.21 |
Impressive |
Industrial
Average |
0.14 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 48.84%. When compared with the industry
average, the ratio of the company was higher. This indicated that company was
more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 0.82% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
1.46%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 11.21%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.93 |
Risky |
Industrial
Average |
11.56 |
|
Quick Ratio |
0.23 |
|
|
|
|
Cash Conversion Cycle |
53.94 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 0.93 times in 2010, decrease from 0.95 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.23 times in 2010,
decrease from 0.4 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash is
tied up in the production and sales process of its operations and the benefit
from payment terms from its creditors. It meant the company could survive when
no cash inflow was received from sale for 54 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.87 |
Acceptable |
Industrial
Average |
1.10 |
|
Debt to Equity Ratio |
6.67 |
Risky |
Industrial
Average |
1.85 |
|
Times Interest Earned |
2.50 |
Deteriorated |
Industrial
Average |
50.61 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using
less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.51 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.87 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.28 |
Deteriorated |
Industrial
Average |
180.30 |
|
Total Assets Turnover |
1.77 |
Impressive |
Industrial
Average |
1.31 |
|
Inventory Conversion Period |
187.00 |
|
|
|
|
Inventory Turnover |
1.95 |
Deteriorated |
Industrial
Average |
6.65 |
|
Receivables Conversion Period |
33.55 |
|
|
|
|
Receivables Turnover |
10.88 |
Impressive |
Industrial
Average |
10.61 |
|
Payables Conversion Period |
166.61 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.41 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.63.55 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.